On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,003,000 Mar. 12 Purchased for cash 301,000 1,304,000 Oct. 4 Sold for $165,000 141,000 1,163,000 Item Section of Statement of Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,003,000 Mar. 12 Purchased for cash 301,000 1,304,000 Oct. 4 Sold for $165,000 141,000 1,163,000 Item Section of Statement of Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
| ACCOUNT Land | ACCOUNT NO. | |||||||||
| Balance | ||||||||||
| Date | Item | Debit | Credit | Debit | Credit | |||||
| Jan. | 1 | Balance | 1,003,000 | |||||||
| Mar. | 12 | Purchased for cash | 301,000 | 1,304,000 | ||||||
| Oct. | 4 | Sold for $165,000 | 141,000 | 1,163,000 |
Item |
Section of Statement of Cash Flows |
Added or Deducted | Amount |
| Mar. 12: Purchase of fixed asset |
|
|
|
| Oct. 4: Sale of fixed asset |
|
|
|
| Gain on sale of fixed asset (assume the indirect method) |
|
|
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